Saving the day?
<p><span word="Reader">Reader</span> <span word="question">question</span>:</p><p><span word="Please">Please</span> <span word="explain">explain</span> “<span word="save">save</span> <span word="the">the</span> <span word="day">day</span>” <span word="in">in</span> <span word="this">this</span> <span word="sentence">sentence</span>: <span word="With">With</span> <span word="the">the</span> <span word="global">global</span> <span word="economy">economy</span> <span word="spluttering">spluttering</span> <span word="and">and</span> <span word="financial">financial</span> <span word="markets">markets</span> <span word="on">on</span> <span word="the">the</span> <span word="rocks">rocks</span>, <span word="the">the</span> <span word="world">world</span> <span word="need">need</span> <span word="reassurance">reassurance</span> <span word="the">the</span> <span word="US">US</span> <span word="central">central</span> <span word="bank">bank</span> <span word="stands">stands</span> <span word="ready">ready</span> <span word="to">to</span> <span word="save">save</span> <span word="the">the</span> <span word="day">day</span>.</p><p><span word="My">My</span> <span word="comments">comments</span>:</p><p><span word="In">In</span> <span word="other">other</span> <span word="words">words</span>, <span word="the">the</span> <span word="world">world</span> <span word="need">need</span> <span word="to">to</span> <span word="be">be</span> <span word="sure">sure</span> <span word="that">that</span> <span word="the">the</span> <span word="US">US</span> <span word="central">central</span> <span word="bank">bank</span>, <span word="the">the</span> <span word="Federal">Federal</span> <span word="Reserve">Reserve</span>, <span word="will">will</span> <span word="keep">keep</span> <span word="authorizing">authorizing</span> <span word="the">the</span> <span word="printing">printing</span> <span word="of">of</span> <span word="the">the</span> <span word="greenback">greenback</span>, <span word="i">i</span>.<span word="e">e</span>. <span word="pouring">pouring</span> <span word="new">new</span> <span word="money">money</span> <span word="into">into</span> <span word="the">the</span> <span word="system">system</span>.</p><p><span word="Which">Which</span>, <span word="on">on</span> <span word="a">a</span> <span word="side">side</span> <span word="note">note</span>, <span word="is">is</span> <span word="exactly">exactly</span> <span word="what">what</span> <span word="the">the</span> <span word="Federal">Federal</span> <span word="Reserve">Reserve</span> <span word="has">has</span> <span word="been">been</span> <span word="doing">doing</span> <span word="and">and</span> <span word="has">has</span> <span word="been">been</span> <span word="wont">wont</span> <span word="to">to</span> <span word="do">do</span> <span word="all">all</span> <span word="along">along</span>, <span word="I">I</span> <span word="assure">assure</span> <span word="you">you</span>. <span word="And">And</span> <span word="that">that</span>’<span word="s">s</span> <span word="the">the</span> <span word="thing">thing</span> - <span word="too">too</span> <span word="much">much</span> <span word="paper">paper</span> <span word="money">money</span> <span word="is">is</span> <span word="a">a</span> <span word="big">big</span> <span word="part">part</span> <span word="of">of</span> <span word="the">the</span> <span word="problem">problem</span>, <span word="and">and</span> <span word="so">so</span> <span word="how">how</span> <span word="can">can</span> <span word="you">you</span> <span word="solve">solve</span> <span word="the">the</span> <span word="problem">problem</span> <span word="of">of</span> <span word="too">too</span> <span word="much">much</span> <span word="printed">printed</span> <span word="money">money</span> <span word="by">by</span> <span word="printing">printing</span> <span word="even">even</span> <span word="more">more</span> <span word="of">of</span> <span word="it">it</span>? <span word="Therefore">Therefore</span>, <span word="printing">printing</span> <span word="more">more</span> <span word="money">money</span> <span word="in">in</span> <span word="the">the</span> <span word="form">form</span> <span word="of">of</span> <span word="what">what</span> <span word="is">is</span> <span word="called">called</span> <span word="quantitative">quantitative</span> <span word="easing">easing</span> <span word="can">can</span> <span word="but">but</span> <span word="only">only</span> <span word="be">be</span> <span word="an">an</span> <span word="expedient">expedient</span> <span word="and">and</span> <span word="temporary">temporary</span> <span word="measure">measure</span>. <span word="In">In</span> <span word="the">the</span> <span word="long">long</span> <span word="run">run</span>, <span word="it">it</span>’<span word="ll">ll</span> <span word="probable">probable</span> <span word="exacerbate">exacerbate</span> <span word="the">the</span> <span word="problem">problem</span> – <span word="making">making</span> <span word="a">a</span> <span word="bad">bad</span> <span word="situation">situation</span> <span word="even">even</span> <span word="worse">worse</span> – <span word="at">at</span> <span word="the">the</span> <span word="fundamental">fundamental</span> <span word="level">level</span>.</p><p><span word="And">And</span> <span word="the">the</span> <span word="Fed">Fed</span> <span word="Reserve">Reserve</span>, <span word="by">by</span> <span word="the">the</span> <span word="way">way</span>, <span word="is">is</span> “<span word="neither">neither</span> <span word="Federal">Federal</span>, <span word="nor">nor</span> <span word="does">does</span> <span word="it">it</span> <span word="have">have</span> <span word="any">any</span> <span word="reserves">reserves</span>”, <span word="as">as</span> <span word="pointed">pointed</span> <span word="out">out</span> <span word="by">by</span>, <span word="among">among</span> <span word="others">others</span>, <span word="Rick">Rick</span> <span word="Sanchez">Sanchez</span> (<span word="It">It</span>’<span word="s">s</span> <span word="Time">Time</span> <span word="to">to</span> <span word="Audit">Audit</span> <span word="the">the</span> <span word="Fed">Fed</span>, <span word="HuffingtonPost">HuffingtonPost</span>, <span word="June">June</span> 5, 2011):</p><p><span word="The">The</span> <span word="mystery">mystery</span> <span word="that">that</span> <span word="is">is</span> <span word="the">the</span> <span word="Federal">Federal</span> <span word="Reserve">Reserve</span> <span word="begins">begins</span> <span word="with">with</span> <span word="its">its</span> <span word="name">name</span>, <span word="since">since</span> <span word="it">it</span> <span word="is">is</span> <span word="neither">neither</span> <span word="Federal">Federal</span> <span word="nor">nor</span> <span word="does">does</span> <span word="it">it</span> <span word="have">have</span> <span word="any">any</span> <span word="reserves">reserves</span>. <span word="Those">Those</span> <span word="two">two</span> <span word="facts">facts</span> <span word="are">are</span> <span word="the">the</span> <span word="crux">crux</span> <span word="of">of</span> <span word="the">the</span> <span word="problem">problem</span>.</p><p><span word="If">If</span> <span word="you">you</span>’<span word="re">re</span> <span word="interested">interested</span>, <span word="you">you</span> <span word="can">can</span> <span word="Google">Google</span> “<span word="neither">neither</span> <span word="Federal">Federal</span> <span word="nor">nor</span> <span word="does">does</span> <span word="it">it</span> <span word="have">have</span> <span word="any">any</span> <span word="reserves">reserves</span>” <span word="and">and</span> <span word="find">find</span> <span word="out">out</span> <span word="more">more</span> <span word="about">about</span> <span word="those">those</span> <span word="two">two</span> <span word="facts">facts</span> – <span word="two">two</span> <span word="crucial">crucial</span> <span word="facts">facts</span>, <span word="in">in</span> <span word="fact">fact</span>, <span word="if">if</span> <span word="you">you</span> <span word="want">want</span> <span word="to">to</span> <span word="really">really</span> <span word="understand">understand</span> <span word="how">how</span> <span word="this">this</span> <span word="world">world</span> <span word="is">is</span> <span word="run">run</span> – <span word="but">but</span> <span word="I">I</span>’<span word="m">m</span> <span word="not">not</span> <span word="prepared">prepared</span> <span word="to">to</span> <span word="look">look</span> <span word="deep">deep</span> <span word="into">into</span> <span word="that">that</span> <span word="intricate">intricate</span> <span word="system">system</span> <span word="here">here</span> <span word="and">and</span> <span word="now">now</span>.</p>
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